This topic consolidates everything you need to know to stay informed including prominent industry advocacy movements, current regulatory enforcement actions, and judicial rulings impacting mortgage banking.
Buckley
The U.S. Court of Appeals for the Ninth Circuit has reversed the refusal of a national bank’s motion to dismiss the state law claims involving interest on escrow accounts due to being preempted by the Home Owners Loan Act
Mortgage Fraud Blog – Stephanie Abbott
Twelve mortgage and real estate professionals charged in a mortgage fraud scheme that allegedly spanned more than four years and resulting in the approval of more than 100 mortgages based on fictitious documents and phony information.
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DSnews – Christina Hughes Babb
A Virginia landlord files suit against the CDC for its order to halt foreclosure and evictions through the end of 2020.
MBA Newslink--Mike Sorohan
The MBA and National Association of Realtors issued a letter of opposition to the House and Senate in response to legislation that would increase VA funding fees specific to Interest Rate Reduction Refinance Loans (IRRRLs).
The CFPB announced a consent order settlement with an auto-loan servicer for engaged in unfair practices with respect to its Loss Damage Waiver (LDW) product, in violation of the Consumer Financial Protection Act (CFPA).
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
Mortgage Fraud Blog--Rachel Dollar
A New York man has been sentenced to time served for his role in conspiring with others to devise a scheme to commit mortgage fraud and obtain eight loans for unqualified borrowers for homes in the Bronx, New York.
The CFPB issued a consent order against another lender for sending mailers for VA-guaranteed mortgages that contained false, misleading, and inaccurate statements or that lacked required disclosures, in violation of the Consumer Financial Protection Act’s (CFPA) prohibition against deceptive acts and practices, the Mortgage Acts and Practices – Advertising Rule (MAP Rule), and Regulation Z.
Ballard Spahr LLP--Bowen "Bo" Ranney
The CFPB and New York Attorney General have filed a lawsuit alleging deceptive and harassing ways to convincing consumers to pay payments to them violating the FDCPA and CFPA against five debt collectors and four individuals.
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The CFPB has published the twenty-second edition of its Supervisory Highlights, reporting examination findings in the areas of consumer reporting, debt collection, deposits, fair lending, and mortgage servicing that were completed between September 2019 and December 2019.
The CFPB, in partnership with the New York Attorney General (NYAG), is suing a debt-collection operation for using deceptive, harassing, and improper methods to induce consumers to make payments to them in violation of the Fair Debt Collection Practices Act (FDCPA) and the Consumer Financial Protection Act (CFPA).
The CFPB filed a lawsuit against Encore Capital Group, Inc. and its subsidiaries due to allegedly violating the 2015 consent order relating to collection litigation disclosures and time-barred debts.
REUTERS--C Nivedita; Elizabeth Dilts; Michelle Price
JPMorgan Chase & Co has launched an internal investigation into employees who may have been involved customers misuse of “misusing Paycheck Protection Program loans, unemployment benefits and other government programs”.
